Following yesterday’s dump, I understand that Movement 1 should begin its development. Movement 2 would follow afterward, since BTC lost bullish momentum on the weekly chart. I’m still not entirely clear on the support level for the weekly consolidation. Judging by the strength demonstrated, a new consolidation phase could begin in about 15 days, with price retreating in a compression pattern back toward the 70–74K range. A second scenario is that it has already formed a HCH, in which case the target would be the 53K zone—the much-discussed and long-awaited level. I don’t know precisely what the price will do. I’ll simply observe it along with weekly timing, momentum, and indicator signals—they’ll tell me how close we are to the bottom of this newly initiated weekly retracement. We’ll see…